Shares of Zions Bancorp. N.A. fell after hours on Wednesday after the regional bank reported first-quarter results that missed expectations.
Shares of Zions Bancorp. N.A. fell after hours on Wednesday after the regional bank reported first-quarter profit that missed expectations, saying that deposits fell during the quarter and warned of weaker revenue ahead due to last month’s banking-industry turmoil.
Deposits fell 16%. The bank reported net interest income of $679 million, a 25% jump from a year ago. Net interest margin, or the difference between what banks take in from interest on loans and what they pay to depositors, came in at 3.33%, compared with 2.6% in the prior-year quarter. JPMorgan analysts, in a research note this month, said that Wall Street’s focus would be on how much in depositor funds smaller banks lost in the wake of the banking-industry tremors, and which banks lost disproportionately.
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